A Senate subcommittee reports that the European banking giant HSBC Holdings had internal controls so loose that Mexican drug cartels were able to circulate their illegal profits undetected through HSBC's accounts in the U.S. for seven years.

The investigators also say the Euro bank's U.S. affiliates were doing business deals with Iran that are illegal in this country. There's a Senate hearing on all this today (Tuesday). HSBC executives are expected to come and apologize.